Countrywide CEO Angelo Mozilo promised at the last CFC shareholder meeting that Bank of America "will reap the benefits of what we have sowed," if finding out what it feels like to be ass-raped for an eternity is considered a benefit, which it is in some cultures. B of A is not the only one receiving a backdoor surprise as a result of the official July 1 takeover, however. The Post reports that many senior-level Countrywide workers believe Ken Lewis et al plans to offer them shoddy positions with sizable pay cuts in order to force them to quit on their own terms, and forgo severance. Supposedly, if the employee has to relocate or takes a twenty percent cut in compensation, Bank of America will "consider" paying them while they try and find another place to screw people 9-5. Also under consideration to be included in packages are low rate mortgages for the first six months that reset at eighteen percent, but for non-minority employees only, just so they can see what it feels like.

Severance Worries Swirl At Countrywide [NYP]